USDA’s February Crop Production and World Agricultural Supply and Demand Estimates (WASDE) report boosted both corn and soybean ending stocks. Domestic corn ending stocks grew by 25 million bushels (mb) to 1.267 billion bushels (bb).

Soybean ending stocks were raised by 15 mb to 225 mb for the current marketing year. Meanwhile, Brazilian crop forecasts were unchanged as the country experiences mostly favorable weather. However, due to the ongoing severe drought, Argentina’s soybean estimates were reduced by 4.5 million metric tons (mmt) to 41 mmt and its corn by 5 mmt to 47.

Across the pond, USDA raised ending stocks in China, which the agency expects to partly offset lower South American supplies. This month’s WASDE was favorable for livestock markets, namely cattle and beef markets. Beef production was raised by 50 million pounds. Pork production saw mixed results, trimming 45 million pounds from the last report as carcass weights have been lighter than expected.

Read more on the latest WASDE report here.